Amendment AA48-ASA1-AB768

LRBb3234/1

MES&KSH:jg:ksh

1997 - 1998 LEGISLATURE

ASSEMBLY AMENDMENT 48, TO ASSEMBLY SUBSTITUTE AMENDMENT 1, TO 1997 ASSEMBLY BILL 768

May 6, 1998 - Offered by Representatives Jensen, Gard, Foti and Ourada.

AB768-ASA1-AA48,1,1 At the locations indicated, amend the substitute amendment as follows:

AB768-ASA1-AA48,1,3 1. Page 16, line 18: after "tax;" insert "using certain surpluses in the general fund to fund a change in the school property tax credit;".

AB768-ASA1-AA48,1,4 2. Page 209, line 13: after that line insert:

AB768-ASA1-AA48,1,6 " Section 285b. 71.07 (9) (b) of the statutes is renumbered 71.07 (9) (b) 1. and is amended to read:

AB768-ASA1-AA48,1,11 71.07 (9) (b) 1. Subject to the limitations under this subsection and except as provided in subd. 2., a claimant may claim as a credit against, but not to exceed the amount of, taxes under s. 71.02, 10% of the first $2,000 of property taxes or rent constituting property taxes, or 10% of the first $1,000 of property taxes or rent constituting property taxes of a married person filing separately.

AB768-ASA1-AA48, s. 285c Section 285c. 71.07 (9) (b) 2. of the statutes is created to read:

AB768-ASA1-AA48,2,6 71.07 (9) (b) 2. Beginning on the date that the joint committee on finance takes action under 1997 Wisconsin Act .... (this act), section 9256 (2c) (c), subject to the limitations under this subsection, a claimant may claim as a credit against, but not to exceed the amount of, taxes under s. 71.02, the amounts specified in the proposal, as adopted or modified by the joint committee on finance, under 1997 Wisconsin Act .... (this act), section 9256 (2c) (c).".

AB768-ASA1-AA48,2,7 3. Page 558, line 2: after that line insert:

AB768-ASA1-AA48,2,8 "(2c) Use of surplus for changes to the school property tax credit.

AB768-ASA1-AA48,2,12 (a) No later than September 4, 1998, the legislative fiscal bureau shall prepare an estimate of the net balance of the general fund as of June 30, 1999. The legislative fiscal bureau shall certify the amount by which that estimate exceeds $20,000,000 to the joint committee on finance and the secretary of revenue.

AB768-ASA1-AA48,2,19 (b) Not later than September 15, 1998, the secretary of revenue shall submit to the joint committee on finance a proposal to use the amount certified under paragraph (a) to expand the school property tax credit under section 71.07 (9) of the statutes by increasing the percentages or dollar amounts or both in section 71.07 (9) (b) of the statutes. The proposal shall specify that the expansion of the credit as described in this paragraph shall first apply to taxable years beginning on January 1, 1998.

AB768-ASA1-AA48,3,2 (c) The joint committee on finance shall either approve or modify the proposal described in paragraph (b) at its 3rd quarterly meeting in 1998. The secretary of revenue shall publish the proposal, as approved or modified by the joint committee on finance under this paragraph in the administrative register. The department of revenue shall modify its individual income tax forms and instructions to incorporate the changes to the school property tax credit that are made under this paragraph.".

AB768-ASA1-AA48,3,3 (End)